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Wall Street refused to believe the Georgia polls. Now there’s a big rotation under way.


Such is the distrust toward polls that the late move toward the Democrats in the Georgia Senate runoff elections was treated with skepticism on Wall Street.

So financial markets have reacted to the news Raphael Warnock won one of two Senate runoffs in Georgia early on Wednesday, with Jon Ossoff leading the other and the votes remaining to be counted centered in counties around Atlanta. That puts the Democrats on the precipice of control of an evenly divided U.S. Senate, with Vice President-elect Kamala Harris getting the tiebreaking vote.

The yield on the 10-year Treasury

rose as high as 1.04% in expectations of…


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